Used vehicle valuation experts are divided on their view as to whether prices will fall in the wake of the UK’s decision to leave the European Union.
Rupert Pontin, director of valuations at vehicle information provider Glass’s, said: “If the Brexit voters are correct in their thinking, it could create greater prosperity for the country in the long term but, over the next few months and years, the road is likely to be very bumpy. 
“Markets will be affected, as will the value of the pound, and we expect to see consumer confidence tail off until the view of the way forward becomes clearer.
“For the motor industry, all of these developments are very likely to have negative effects including a period of instability for new and used car sales, as well as an increase in pre-registration activity and downward pressure on [used car] values.”
However, rival information providers CAP HPI have taken the opposite view suggesting that Brexit “is unlikely to have any direct impact on used values”.
Dylan Setterfield, senior forecasting editor at CAP HPI, said: “There could be a small impact on GDP in the medium term, but this will be driven by a reduction in capital investment from the largest companies and not from any decrease in consumer spending or consumer confidence, thereby having a lesser effect on used car prices.
“As we predicted and contrary to the view expressed by some others, in the lead up to the referendum there was no reduction in used car activity. There was no logical reason for the fact that we were having a referendum to have any influence over buyer behaviour. No-one is going to pay less for a used car today or in the coming weeks as a result of the referendum vote.”